Cerro Moro (Au & Ag)


Location: Argentina, South America
Operator: Yamana Gold Inc.
Royalty: NSR: 2%

Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Yamana Gold Inc. (“Yamana”) in Santa Cruz province, Argentina. The royalty covers approximately 160 km2 of the property including a significant portion of the Mineral Resources which are contained in high-grade epithermal gold and silver veins.

Construction at Cerro Moro was completed in 2018 with commercial production being declared in June 2018. For 2020, actual production was 66,995 ounces of gold and 5.449 million ounces of silver. Production at Cerro Moro was impacted by changes in COVID-19 restrictions imposed in Argentina near the end of 2020. Yamana reported that it expects operational challenges to continue in the first half of 2021, but to normalize as the vaccination program ramps up in Argentina. 2021 gold production at Cerro Moro is expected to be between 87,000 to 93,000 ounces, with silver production expected to be between 5.335 and 5.665 million ounces of silver.

In November 2019, Yamana released substantial exploration results both on and off royalty ground. Discoveries in the Tres Lomas, Michelle and Deborah sectors are on royalty ground. Yamana continues to report exploration success and mine life extension in its 10-year outlook for Cerro Moro.


  • High grade gold/silver deposit with ramp-up complete
  • Significant near-mine and regional exploration potential

2020 2019 2018
Revenue to Franco-Nevada ($ million) $ 4.1 $ 5.1 $ 2.3